L'ÎLE-DES-SŒURS, QC, Oct. 6, 2016 /CNW Telbec/ - The Greater Montréal Real Estate Board (GMREB) has just released its most recent residential real estate market statistics for the Montréal Census Metropolitan Area (CMA), based on the real estate brokers' Centris® provincial database. In total, 2,757 residential sales were concluded in September 2016, a 4 per cent increase compared to September of last year. This was the 18th increase in sales in the past 19 months. Click here to watch the September 2016 statistics video.

The Island of Montréal registered the largest increase in sales in September, with an 8 per cent jump in the number of transactions.

The North Shore and South Shore also registered sales increases of 4 per cent and 3 per cent, respectively.

In contrast, sales decreased in Laval (-7 per cent) for a fourth consecutive month, and in Vaudreuil-Soulanges (-5 per cent).

Sales by property category

Single-family homes and condominiums contributed to the increase in sales in September with respective increases of 4 per cent and 9 per cent, while plex sales fell by 9 per cent compared to one year earlier.

Prices

The median price of single-family homes across the Montréal CMA rose by 4 per cent compared to September of last year, reaching $304,000.

Half of all condominiums sold for more than $250,000, which represents a slight increase of 1 per cent in median price.

Finally, after sitting at a standstill for the past two months, the median price of plexes with 2 to 5 dwellings rose by 7 per cent to reach $451,500.

"Sales have intensified on the Montréal area resale market in recent months and, at the same time, there has been a downward trend in the number of active listings," said Daniel Dagenais, President of the GMREB Board of Directors. "In fact, for a twelfth consecutive month, the supply of properties for sale has shrunk, as the 28,552 listings on the real estate brokers' Centris® system in September represents a 12 per cent drop compared to September of last year. Despite these facts, price increases have remained moderate. Cumulatively for 2016, median prices have increased by 2 per cent, 1 per cent and 4 per cent, respectively, for single-family homes, condominiums and plexes," added Mr. Dagenais.

About the Greater Montréal Real Estate Board

The Greater Montréal Real Estate Board is a non-profit organization with more than 9,000 members: real estate brokers. Its mission is to actively promote and protect its members' professional and business interests in order for them to successfully meet their business objectives.